Are you over- or under-insuring your stored goods? When you ask us to quote for insuring your stored domestic items, we’ll want to know their value. This is so that we know how much it will cost you to replace them in the event of a fire, flood or other mishap at your storage facility.

How much will it cost to replace my stored goods?

We insure domestic goods on a ‘new for old’ basis. This means that when we ask for the value of your stored goods, we want to know how much it would cost you to replace them. Use a search engine to quickly check how much it might cost to buy each item new.

Check your insurance policy documents for specific details as companies do have different terms and conditions.

Make an inventory to keep track of your stored goods

An inventory will help you to keep your stored goods organised. It will tell you exactly what is in your storage unit so you can avoid that situation where you have to buy a new item because you can’t find the one you know you already own. You can also jot down the approximate value of your stored goods on your inventory. This will help when you get insurance quotes.

To learn how to make a self-storage inventory, see this post.

You may already have a note of your items’ values in your home contents insurance records. But bear in mind that the replacement costs might have changed, particularly if you haven’t recently renewed your home insurance. Don’t forget that you’ll need to adjust your home contents insurance if you are moving a lot of goods into storage, otherwise you’ll end up paying more than you need to.

Are my stored goods covered by my home contents insurance?

Home contents insurance policies don’t usually extend to goods in self-storage. Of course it’s always worth checking just in case – but bear in mind that you’ll almost certainly get better value and service from a specialist insurer (like Store and Insure, for example). So be sure to get a few quotes before you decide which insurer to use. Start by getting one from us!

What if my stored items can’t be replaced?

We understand that some items have a value that has nothing to do with cash, but insurance does not take sentiment into account.

With documents, we will pay the cost of the stationery or the media on which the documents were stored.

So if the data itself is very valuable, consider whether it is worth making copies. The same goes for photographs – prints or digital copies are your best protection.

You can apply the market value to items like clothing, antiques and fine arts. It may be worth getting antiques and collectables professionally appraised before storing them. The British Antiques Dealers’ Association has some tips on how to commission an appraisal.

Can I save money by under-insuring my stored goods?

It is not a good idea to try and save money by under-insuring. If you under-insure, any pay-out you need will probably not cover the cost of replacing your goods. You may think you don’t care about replacing your stuff – but if that’s the case, we’ve got to ask you, why are you paying to store it?

If you need to save money on your insurance, a better way of doing it is to shop around to get a good deal; keep good records about your stored goods; and declutter so you are not paying to store (and insure) more items than you have to.

Insuring your goods for the correct value ensures that you are not overpaying each month; and if the worst happens, you’ll get a sum of money that will help you to repair or replace them.